"I don't even look at gold as gold anymore. Gold is just another
piece of paper.

Listen, if things go badly in the world that I used to observe as
a gold bug, the gold would end up in the hands of the gold bugs.
If things go badly now, they're going to end up with checks from
ETFs.

Sorry, it's not the same. The reign of gold is the Ayn Rand end
product. To me, that's over. Game, set, match."

It seems that he's suggesting this is causing distortions in the
market for gold.

In an interview with Santelli last month, trader Frank Lesh said
the prevalence of ETFs has attracted people that wouldn't
normally be trading gold. At
the time, Santelli said:

"If you trade in paper, the notion of many who trade gold — the
Ayn Randers — if the financial world comes to an end, they're
going to have the gold. If you're playing in ETFs, you're going
to have a piece of paper. So it takes away some of what I
perceive are the driving forces behind the run-up in the early
stages after the crisis."